Former Union Minister Jayant Sinha on Monday said that the BJP brought the economy back on track, transforming it into a superfast 'Rajdhani', and it will soon run like a bullet train.
Speaking during the debate on Union Budget 2019-20 in Lok Sabha, the BJP leader expressed confidence that the Centre will not only meet its target of USD 5-trillion economy but reach the USD 10 trillion mark.
Rejecting the Congress' charge that the Budget was a missed opportunity, he said what the party could not achieve in 60 years was done by the BJP in 60 months.
"When our government came to power in 2014, the economy was in a critical stage... it was a passenger train. We came and brought the train on track... and made that passenger train into Rajdhani train.
"And due to this visionary and effective budget we will make this Rajdhani train into a bullet train. And we will make the opposition member and public sit on that bullet train and complete the target of (USD) 5 trillion economy," he said.
Terming the budget as historical and visionary, he said that it promotes consumption and investment.
"And I can say with confidence that we will achieve the target of 5 trillion. Because of the foundation laid by this budget we will not only achieve the target of (USD) 5 trillion but we are also going to achieve the economy of (USD) 10 trillion," he said.
The GDP in 2014 was Rs 111 lakh crore, he said adding that in five years it became Rs 188 lakh crore which has been an increment of 70 per cent.
"If we have to achieve this five trillion economy, we will have to take this Rs 188 lakh crore GDP to around 350 lakh crore," he said.
He referred to the broad structural trends in the economy, including the implementation of Goods and Services Tax.
"What India has been able to do in the last two years in GST has not happened in any other country having federal structure.
"A country like Malaysia had to roll back GST. The government there went out of power. But our government did not go. Our government came back with majority as we had implemented GST so well," he said.
He said the government's decision to keep fiscal deficit in check at 3.3 per cent of GDP will keep the interest rate low and fuel consumption.
He also appreciated the Budget proposal to raise funds through sovereign bonds saying it will help the government in keeping its borrowing cost low.
Sinha also said that the various measures announced in the Budget will encourage job creation.
T R Baalu (DMK) said that the common man will suffer because of hike in prices of petrol and diesel and demanded withdrawal of duty hike.
He also suggested that petrol and diesel be brought within the ambit of the GST.
Kalyan Banerjee (TMC) said that although the Budget speech was lengthy, it did not had any details on achieving the objectives set by the Minister.
He also criticised the government for increasing duty on petrol and diesel saying it has started impacting life of common people.
Banerjee said the tax on cash withdrawal would adversely impact tea workers as they are mostly paid in cash by the owners of tea gardens who have to withdraw large sum to pay salaries.
He said cut in small savings rate will impact senior citizens and those who are dependent on interest income for livelihood.
Vinayak Raut (Shiv Sena) said that the government should infuse capital in BSNL.
Santosh Kumar (JD-U) demanded special package for Bihar.
Bhartruhari Mahtab (BJD) said that the first Budget of the new government is indeed something which is being appreciated. But he wondered why after the Budget sensex was falling and urged the finance minister to look into it.
He said that the states which have faced natural calamities need special assistance.
"Make natural calamity facing states like Odisha as focus," Mahtab said.
Danish Ali (BSP) accused the government of favouring only industrialists who have given donations to the BJP in the general elections.
He said the budget has reduced corporate tax to 25 per cent for 99.3 per cent of the companies but has nothing for youth, poor and middle class.
He said the BJP government "knows how to market and sell dreams" and hence it has announced their plans to double farmer income.
He said the proposed changes in labour laws are anti- worker and selling of shares of profit making CPSEs would impact jobs of SC, ST and OBCs.
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